Suncor Energy Inc. (NYSE: SU) shares rose in value Thursday Dec 1 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, U.S. stocks opened with slight gains on Thursday.
The Dow Jones Industrial Average DJIA, +0.31% rose 38.22 points, or 0.2%, to 19,174, while the S&P 500 SPX, +0.01% added 2.1 points to 2,202, a rise of 0.1%.
The Nasdaq Composite Index COMP, -0.32% rose less than 1 point to 5,323, essentially unchanged on the day.
Analysts at Desjardins upgraded shares of Suncor Energy Inc. (NYSE: SU) from Hold to Buy today. Desjardins currently has a rating of Buy on the stock. The one-year price target of $34.82 is higher than the opening price of $32.55, resulting a number of other analysts to issue statements on the company in recent days. Looking back over the last 52 weeks, Suncor Energy Inc. stock has a high of $32.70. Stock prices often trend to the upside on recommendations and new price targets of professional brokerage firms.
Suncor Energy Inc. (NYSE: SU) shares last traded at $32.58, which represents a jump of $0.72 or 2.26% from the previous closing price. Opening at $32.55, they fluctuated from $32.32 and $32.70 throughout the day.
Suncor Energy Inc. (NYSE: SU) now has a market cap of 54.24B.
Suncor Energy Inc. (NYSE: SU) Average Daily Trading Volume
559,855 shares traded hands yesterday, below the norm, out of a total float 1,664,220,000. Look for trading volume to pick up in the coming days as swing traders often use upticks in trading volume to pinpoint large volume aggregation or dissemination by institutional investors.
However, just a day of significant buy side trading is not enough to determine a trend. As such, market traders will continue to look for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have substantial teams of analysts that investigate thousands of stocks. So watching their interests is a good way to make sure you are buying the right stocks.
Suncor Energy Inc. (NYSE: SU) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
Traders can make the best trades when they track the trading habits of professional investors.
Trades for Suncor Energy Inc. (NYSE: SU) have ranged from $18.71 – 32.70, and the stock now has a 50-day MA of $29.84 and 200-day MA of $27.91. Today’s last price is 0.37%% lower than the 52 week high of $32.70.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors look for companies that have increased their earnings at least 25% or more over 3 consecutive years.
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